Understanding your priorities – now and in the future

11.05.18

The attitudes of the wealthy have changed in recent years, with a shift from future preservation to more material desires. Richard Tribe, Head of Equiom Private Office, discusses the changing needs of Equiom’s discerning global client base

As an international professional services provider, Equiom has been serving multi-generational families and corporations for decades, and we have seen some dramatic changes to client behaviours over the years. Most notably there has been a shift in attitudes of the very wealthy, from a focus on wealth protection for future generations to more immediate, material desires – a luxurious lifestyle involving expensive cars, multiple properties, private jets or yachts.

This development is particularly true for previously under developed and unstable countries. The wealthy of these nations were traditionally humble people who wanted the best for their offspring, with many sending their children to be educated in the UK and US where they often settled. This resulted in a dispersion of wealthy families located across the globe and created the need for family offices with a true multi-jurisdictional reach.

According to Wealth X’s World Ultra Wealth Report, North America has the highest number of ultra high-net-worth individuals (UHNWIs) at 36%, with Europe second at 28%. However, more and more countries have adopted the materialistic way of life and the world is more liberalised today, with more wealth being generated in countries such as China, India and regions like Latin America.

More growth is predicted in the UHNW market. This means there is greater need for service providers to cater for the discerning client with wealth interests all over the world. For families, individuals and corporates, every circumstance is unique, resulting in a need for more complex wealth structuring with an increasingly global reach.

That is why we developed Equiom Private Office - to provide a bespoke, premium service for private and corporate clients, committed to meeting the needs of UHNWIs, wealthy families and international corporations. It was founded on the three pillars of wealth management that our clients value - asset protection, succession planning and confidentiality.

The services we offer have evolved with market needs. A thorough understanding of the current generation and the most experienced professional team to cater to each individual situation and client is what sets Equiom Private Office apart from the traditional family service of yesteryear.

To find out more visit www.equiomgroup.com

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